Other lenders to offer similar deals were the RBS group (including NatWest), Santander and the Nationwide.
Letters will be sent to customers of Ulster Bank, part of the RBS Group, from January that explains the change.
The smaller number of directors would be "better able to engage effectively in the restructuring process for RBS group", the bank said.
Changes recommended by the ICB will also impact other banks headquartered in the U.K. including RBS Group, HSBC and Standard Chartered Bank.
"The recent IT failure at RBS Group affected millions of individuals and a wide range of businesses in the UK and Ireland, " said Mr Tyrie.
Ulster Bank customers in Northern Ireland were among the worst affected within the RBS group as it had the longest backlog of transactions to process.
In one of the most significant shifts in the move from mail correspondence to online, the RBS Group has been writing to seven million customers informing them of the shift to quarterly statements.
The office said it had received lots of queries about compensation from customers within the RBS group and its role was to "look at the facts, ask questions and decide what's fair in each case".
On Monday, the Independent Commissions of Banking submitted its final report recommending far-reaching changes to all banks headquartered in the U.K., which has significant implications for companies like Barclays, RBS Group, HSBC and Standard Chartered Bank.
FORBES: ICB Report Gives U.K. Banks Breathing Room But Bites Hard In 2019
The RBS group wants to break up the lender into three parts, so that Belgian-Dutch bank Fortis would get ABN's Dutch operations, Spanish bank Banco Santander Central Hispano SA, acquires ABN's Brazilian and Italian arms, and RBS getting Chicago-based LaSalle.
The RBS group wants to break up the lender into three parts, so that Belgian-Dutch bank Fortis would get ABN's Dutch operations, Spanish bank Banco Santander Central Hispano SA (nyse: STD - news - people ), acquires ABN's Brazilian and Italian arms, and RBS getting Chicago-based LaSalle.
The latest glitch is understood to be part of a UK-wide problem affecting the RBS banking group.
The computer failure affected the entire Royal Bank of Scotland (RBS) group, but Ulster Bank took longest to resolve the issue.
The initial problem was due to a failed software upgrade within the Royal Bank of Scotland (RBS) group, which includes Ulster Bank and Nat West.
Insurance firm Direct Line has said that its separation from parent group RBS is "substantially complete".
The witnesses are the chairman and chief executive of Royal Bank of Scotland Group (RBS), Sir Philip Hampton and Stephen Hester.
"It's not just the delivery of improved revenue and profits in a market as difficult as this one, " says Matthew Greenburgh, the co-head of Merrill Lynch's Global Financial Institutions Group and RBS' investment banker.
Meanwhile, the RBS-led consortium of three banks - RBS, Belgian-Dutch group Fortis and Spain's Santander - are still considering their position, Fortis chairman Maurice Lippens said.
"Their gearing is way higher than anybody else in the space they're operating in, " says rbs analyst Nirgunan Tiruchelvam, noting that sometime rival Noble Group, out of Hong Kong, is barely above one times equity, and that that's the sector's second-highest next to Olam.
Last month, for example, RBS agreed to sell its aircraft-leasing unit to a group led by Japan's Sumitomo Mitsui Financial Group Inc.
In 2008 the British government bailed out Scotland's two biggest banks, Royal Bank of Scotland (RBS) and HBOS, which was acquired by Lloyds Banking Group.
Insurance company Direct Line Group, which is being demerged by parent company RBS, has said it will shed 900 jobs in a bid to save costs.
Bank of America, Citigroup, Morgan Stanley, and Royal Bank of Scotland (RBS) made up the bottom -- and weakest -- group of banks.
TBAC, chaired by JPMorgan Chase co-COO Matthew Zames, includes representatives from the likes of Goldman Sachs Group, Bank of America, Morgan Stanley, PIMCO, RBS, Blackrock and Bank of New York Mellon, among other firms.
FORBES: Treasury To Hit Borrowing Limit By Year-End As Fiscal Cliff Endgame Draws Closer
Most of these banks, like Lloyds Banking Group ( LYG) and the Royal Bank of Scotland ( RBS), have looked weak since since early in the year and are already down over 50% year to date.
Shares in the video game retailer Game Group have jumped 40% after lenders, led by state-backed RBS, revised the firm's banking arrangements.
This morning it was just under 24p, up a bit on the day, but that is a staggering 55% below the value of RBS's net assets per share - and less than half what taxpayers paid for the shares when rescuing the group.
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